3 Things for the Critics to Hate About Tesla Motors Inc. This Week

It isn't even hump day yet but the market is abuzz with Tesla Motors (NASDAQ: TSLA) news. Tesla's stock surged nearly 9% on Monday, and is up another 3% today in afternoon trading. However, with shares of the electric-car maker now trading around $233 apiece, Tesla's ballooning valuation has many analysts scratching their heads. Here are three developments that are fueling the Tesla fire this week, much to the dismay of its critics.

The Model X is actually happeningThat's right... Tesla will begin deliveries of its long promised all-electric crossover vehicle, Model X, in "early 2015". The company sent an email to Model X reservation holders on Monday confirming the plans. This should be welcome news to the hundreds of Tesla customers who pre-ordered the Model X when it first debuted in 2012. The company has delayed production of its zero-emissions SUV more than a few times.

Source: Tesla Motors, Model X.

On top of this, Tesla's Model X could be a bigger hit than we initially thought. Earlier this month at Tesla's annual shareholder event, chief executive Elon Musk promised onlookers that the Model X would exceed expectations. "At Tesla whenever we show off a car as a demonstration item, the actual production car will always be better than what people saw," Musk said. Moreover, if he is accurate in saying that the Model X will "completely blow people away," it could be yet another catalyst for this stock down the road.

A potential collaboration for Tesla's Supercharger networkYou've probably heard by now that Tesla is taking an open source approach to its patents in hopes of accelerating electric vehicle adoption. However, perhaps more exciting is news that Tesla is in talks with major automakers to standardize the way EVs are recharged. As fellow Fool Daniel Sparks points out, Nissan and BMW are two of the big automakers that are reportedly in talks with Tesla to simplify the way electric cars are charged.

As it stands, Tesla's Superchargers are currently the fastest charging stations on the planet. Tesla recently expanded its U.S. Supercharger network from coast to coast, enabling Model S drivers to drive across the country without ever needing gas. There are now 97 Supercharging stations in the U.S. However, teaming up with BMW and other traditional automakers could significantly speed development of the Supercharger network going forward.

New Jersey wants Tesla backThe Garden State is giving Tesla Motors a second chance. The state's General Assembly approved a bill this week that would allow Tesla to sell its cars directly to New Jersey consumers. If you remember, the EV maker was forced to stop selling its vehicles in the state on April 1, after the New Jersey Motor Vehicle Commission passed a rule banning direct auto sales. If the bill can avoid gridlock in the state Senate then Tesla would be able to get back to work selling its gas-free cars to New Jersey folk.

Importantly, this could act as a precedent for other states hoping to bully Tesla into submission.

Should you test-drive the stock here? Despite these catalysts, Tesla's stock looks expensive, with a price-to-sales ratio of 12.39. This means that Tesla investors are paying roughly $12.39 for every $1 of sales today. Therefore, if you don't already own shares of Tesla Motors you may want to wait for another pullback before taking a position.

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